Dutch Bankers Hold Themselves Accountable With New Rules

April 10 (Bloomberg) -- Dutch bankers accused of breaking
new rules of conduct, such as selling products clients don’t
understand, will face disciplinary action starting next year,
according to proposals presented today.

The Dutch Banking Association, or NVB, led by Chris
Buijink, presented a social charter, a banking code and rules of
conduct to regain trust in the industry after a slump triggered
by the 2008 financial crisis. By the end of next year, all bank
employees must have taken an oath, or a non-religious
affirmation, declaring they agree with rules including putting
customer interests first and working with integrity.

“Disciplinary rules will be defined to address complaints
on non-compliance,” the Amsterdam-based NVB, representing most
of the nation’s 80 lenders, said on its website. “With that,
bank employees become accountable to society as a whole.”

The Dutch Securities Institute, an body founded in 1999,
will become responsible for exercising the sanctions, Jelle
Wijkstra, a spokesman for NVB, said by telephone.

Bankers will work with the DSI to promote expertise and
integrity in the industry and in setting up the disciplinary
system, NVB said. The institute currently settles investment
disputes between firms or between private investors and the
companies, and has a discipline and disputes commission,
according to its website.

Dutch bankers who fail to abide by the new rules may be
blacklisted, face fines or suspensions, Buijink, 60, said in an
interview earlier this year.

Interested parties may comment on the proposals presented
today until May. The rules will apply to people working at a
bank with a Dutch banking license that is a member of the
banking association, or a bank that chooses to apply the rules.